arning ignored: This 1921 cartoon showed Wall Street operators fishing for suckers.
WQ AUTUMN 1992 16

A ican Finance
Michael Milken, the erstwhile junk-bond king who is now serving time in a federal prison, will likely go down in history as a symbol of the sins of the 1980sÃ?â??greed excess, and worse. Yet he also was the most significant figure in American corporate finance since J. P. Morgan. From Morgan's time to Milken's, financiers have sought the best way to finance, and b...